If North Carolina's Insurance Commissioner rejects a proposed rate increase, state policy requires a court hearing.
GREENSBORO, N.C. — Sometimes the word “no” is exactly what you want to hear, and North Carolina consumers were probably very happy to hear that the North Carolina Insurance Commissioner said no to proposed rate increases for both homeowners and mobile home insurance.
Mike Causey earlier this year defeated a proposed 42% rate increase on homeowners insurance, and a court hearing on the rates is currently scheduled for Oct. 7, 2024. Causey also opposed a proposed rate increase on mobile home insurance this week.
“That was not approved, so now we're looking at court dates. This is a long process and it's going to take a long time to resolve,” said North Carolina Insurance Commissioner Mike Causey.
The North Carolina Rate Board, which represents insurance companies, called for a statewide average rate increase of 82.9 percent for mobile home fire insurance over three years and a statewide average rate increase of 49.9 percent for mobile home property insurance over three years.
The public hearing on the mobile home tax rate is scheduled for April 7, 2025.
“I've worked for the insurance department for seven years and every time I ask for a rate I've been turned down. We usually end up only getting a fraction of what we ask for,” said Barry Smith, deputy director of public affairs for the North Carolina Department of Insurance.
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